PA - Banco Security

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Inmobiliaria Security S.A. measures its inventories at the lower of costs and net realizable value. It performs an evaluation of the net realizable value of inventories at each year-end, and records adjustments in profit or loss. As of this date we have not recorded an obsolescence provision for inventories. The main components of the cost of a house correspond to the land, the lump sum construction contract, architect and engineering fees, permits and municipal rights, operating expenses, finance cost and other disbursements related directly with the construction. That are necessary for its completion. The detail of this item is as follows: Balance Balance Balance 31.12.2010 31.12.2009 01.01.2009 ThCLP$ ThCLP$ ThCLP$ Land 8,005,120 5,979,564 3,018,116 Warehouse - - Parking 1,047 11,639 Total 8,005,120 5,980,611 3,029,755 31.12.2010 Opening Balance Purchases Sales Ending Balance ThCLP$ ThCLP$ ThCLP$ ThCLP$ Land 5,979,564 2,025,556 - 8,005,120 Warehouse - - - Parking 1,047 7,471 (8,518) - Total 5,980,611 2,033,027 (8,518) 8,005,120
143 PAGE NotE 7 - Balances and Transactions with Related Companies The transactions between the Company and its subsidiaries correspond to normal operations in relation to their objective and conditions. These transactions have been eliminated in the consolidation process and are not detailed in this note. The balances and transactions of accounts receivable and payable between the Company and its non-consolidated related companies are as follows: Balance Balance Balance TAXPAYER No. Company Nature of the Origin of the relationship transaction 31.12.2010 31.12.2009 01.01.2009 ThCLP$ ThCLP$ ThCLP$ 76.467.620-3 Sociedad Adm. General S.A. y Cia C.P.A Related to Bank (1) Commercial loans 10,350,421 13,866,880 - 76.692.840-4 Sigdotek S.A. Related to Bank (2) Commercial loans 370,254 - 1,090,702 76.832.940-0 Newco Motor Chile S.A. Related to Bank (2) Commercial loans 1,710,250 1,111,062 3,508,858 81.271.100-8 Detroit Diesel MTU Allison Chile S.A. Related to Bank (1) Commercial loans 2,364,758 2,930,879 3,913,894 96.703.690-0 Casa Lapostolle S.A. Related to Bank (1) Commercial loans 474,709 - - 84.196.300-8 S K Coml S.A. Related to Bank (2) Commercial loans 4,047,764 4,280,298 6,731,963 86.386.700-2 Transformadores Tusan Ltda. Related to Bank (1) Commercial loans - - 1,659,226 86.727.800-1 Sociedad Agricola y Comercial Ltda. Related to Bank (1) Commercial loans - - 3,254,997 93.832.000-4 Inmobiliaria General S.A. Related to Bank (1) Commercial loans - - 1,734,075 96.555.640-0 Comercial Itala S.A. Related to Bank (2) Commercial loans 2,349,896 798,715 275,907 96.676.670-0 Comercial Chrysler S.A. Related to Bank (2) Commercial loans - 2,007,677 2,628,022 83.568.200-5 SIMMA S A Related to Bank (2) Commercial loans 317,778 - - 94.099.000-9 Microfilmacion y Sistemas Microsystem S Related to Bank (2) Commercial loans 318,407 - - 96.800.570-7 Chilectra S.A. Related to Bank (1) Commercial loans - 2,295 2,040,796 96.777.170-8 Sigdopack S.A. Related to Bank (2) Commercial loans 959,298 - - 96.812.960-0 Penta Vida Cia de Insurance de Vida S.A. Related to Bank (1) Brokerage - - 13,921,255 99.550.060-4 Territoria S.A. Related to Bank (1) Commercial loans 3,278,524 3,310,318 3,331,938 99.573.400-1 Europ Assistance S.A Related to Bank (1) Commercial loans 27,939 9,434 - 200.014.768-3 Kia Argentina S.A. Related to Bank (1) Commercial loans 1,048,157 - - 200.016.006-K Kia Import Peru S.A.C. Related to Bank (1) Commercial loans 1,848,808 - - 200.500.310-8 Sigdopack Argentina S.A. Related to Bank (2) Commercial loans - - 1,981,431 200.501.991-8 Plaza Motors Sac Related to Bank (2) Commercial loans 1,167,436 - - 8.888.666-6 María Angélica Manzano Campaña Related to Bank (1) Mortgage and consumption - 232,695 - 96.683.120-0 Cía. De Insurance Generales Penta Security S.A. Related to Investments (1) Insurance 1,026,984 42,703 55,841 76.120.216-2 Fondo de Inversion Privado DIB Related to Real Estate (1) Accounting advisory services 7,903,500 - - 99.551.180-0 Cooper Gay Chile Related to Investments (1) Insurance 3,215 - - Others related Banco Security Related to Bank Commercial Credits 4,170,930 3,369,341 4,906,364 96.683.120-0 Cía. De Insurance Generales Penta Security S.A. Related to Travel (2) Travel services - - - Others related Travel Security Related to Travel Travel services 179,252 41,531 14,241 Private Investment Funds Inmobiliaria Related to Real Estate (1) Accounting advisory services 27,001 49,125 - Total 43,945,281 32,052,953 51,049,510 (1) Per paragraph 9 of IAS 24, letter a) Grupo Security S.A. through its bank subsidiary has an ownership in the entity that grants the bank significant influence over this company. (2) Per paragraph 9 of IAS 24, letter f), this is an entity over which some key members of our management exercise control or have direct or indirect voting power. (3) Per paragraph 9 of IAS 24, letter e), a close relative of our management is related to this company.
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A N N U A L R E P O R T 2 0 1 0
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PAGE PAGE PAGE financial summary 14
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Grupo Security Summarized Unconsoli
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02 principal financial indicators n
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DEAR SHAREHOLDERS I have the pleasu
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oard and management 04
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04board and management SENIOR MANAG
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05 recognitions 17 COMPANIES WITH B
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06 activities 19 ENCUENTRO JUVENTUD
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06 activities 21 A SCHOOL FOR VILLA
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2003 Inversiones Seguros Security i
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ECONOMIC CONTEXT EXTERNAL ENVIRONME
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CHILE: GDP GROWTH (%) 7 6 5 4 3 2 1
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09strategic pillars
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09strategic pillars security, where
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09 strategic pillars RISK MANAGEMEN
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10business areas
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10 business areas 39 PAGE
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FINANCING BANKING INDUSTRY Banking
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The following graph shows the evolu
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EARNINGS AND ROE OF BANCO SECURITY
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RISK Banco Security has been charac
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10business areas I N V E S T M E N
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10 business areas 53 Administradora
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10 business areas 55 SECURITIZADORA
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INSURANCE INSURANCE INDUSTRY The Ch
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Compañía de Seguros Generales Pen
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10business areas S E R V I C E S
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It is important to recall that the
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INVESTMENT POLICY The bylaws of Gru
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The individual financial liabilitie
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BANK CREDITORS As of December 31, 2
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ASSOCIATED RISKS Local Financial Ri
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company information 12
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12company information In accordance
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12 company information 81 • Revis
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12 company information 83 In Seguro
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12 company information 85 STOCK MAR
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12 company information 87 SOCIEDAD
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12 company information 89 INMOBILIA
Page 93 and 94: Regulatory Framework Grupo Security
Page 95 and 96: financial statements 13
Page 97: financial statements 13 C o n s o l
Page 100 and 101: Consolidated Statement of Financial
Page 102 and 103: Consolidated statement of comprehen
Page 104 and 105: CONSOLIDATED STATEMENTS OF CASH FLO
Page 106 and 107: CONSOLIDATED STATEMENT OF CHANGES I
Page 108 and 109: The following companies are include
Page 110 and 111: ) Description of Grupo Security’s
Page 112 and 113: - Fair value option As indicated in
Page 114 and 115: Disclosure of the Adoption of new a
Page 116 and 117: For financial assets, the amortized
Page 118 and 119: The recoverable amount is the highe
Page 120 and 121: Vida Security maintains current der
Page 122 and 123: f) Structured fixed income notes Vi
Page 124 and 125: CategorY Estimated range of loss Lo
Page 126 and 127: The main components of the cost of
Page 128 and 129: 2.30 Foreign currency and indexatio
Page 130 and 131: The most significant areas of estim
Page 132 and 133: i. Pension insurances reserves This
Page 134 and 135: 3.1 Main changes in the accounting
Page 136 and 137: Suspension of revenue recognition o
Page 138 and 139: ) Summary of Consolidated Equity as
Page 140 and 141: 3.3 Main adjustments made a) Invest
Page 142 and 143: NotE 5 - Income taxes Deferred tax
Page 146 and 147: NotE 8 - Investments in Associates
Page 148 and 149: NotE 9 - Property, Plant and Equipm
Page 150 and 151: ) The amortization of intangible as
Page 152 and 153: NotE 13 - Other Financial Assets, C
Page 154 and 155: NotE 16 - Other Non-Financial Asset
Page 156 and 157: Detail of bank obligations as of De
Page 158 and 159: Detail of bank obligations as of Ja
Page 160 and 161: Detail of the bonds at December 31,
Page 162 and 163: NotE 19 - Other Non-Financial Liabi
Page 164 and 165: NotE 23 - Other Financial Liabiliti
Page 166 and 167: Note 24 - Non-Current Liabilities A
Page 168 and 169: ) Cost of Sales The items includes
Page 170 and 171: NotE 26 - Administrative expenses T
Page 172 and 173: BALANCE 31.12.2010 31.12.2009 01.01
Page 174 and 175: Up to 1 year From 1 to 3 years From
Page 176 and 177: The management of Grupo Security S.
Page 178 and 179: c) Statement of Financial Position
Page 180 and 181: e) Statement of Financial Position
Page 182 and 183: 2) Risk Management Structure Banco
Page 184 and 185: 4º Credit Management Basically, th
Page 186 and 187: In the case of the Bank’s impaire
Page 188 and 189: These are the details of guarantees
Page 190 and 191: Loans that are classified individua
Page 192 and 193: Such limitations allow the Bank to
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Banco Security and its Subsidiaries
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Market risk trading ledger 31.12.20
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Regulatory Liquidity Mismatching as
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Regulatory Liquidity Mismatching as
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currency swaps). These derivatives
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Participants in the Credit Risk Com
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7) Regulatory Capital Requirement I
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6) Summary of the Policy for Invest
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d) Dividends The policy agreed by t
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The following table shows financial
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Valores Security S.A. Corredores de
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• The Board of Directors agreed t
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Note 37 - Subsequent Events On Janu
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MANAGEMENT’S ANALYSIS OF CONSOLID
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2.2 Factoring Industry Factoring ha
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5. Risk Factors 5.1 Dependence on d
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6 PERFORMANCE INDECATORS OF THE CON
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$ Pesos Chilenos MM$ Millones de Pe
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BANCO SECURITY AND SUBSIDIARIES Typ
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Banco Security and Subsidiaries Con
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Banco Security and Subsidiaries Con
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Valores Security S.A. Corredores de
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Administradora General de Fondos Se
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Factoring Security S.A. Type of ent
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Asesorias Security S.A. AND SUBSIDI
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Securitizadora Security S.A. Type o
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Global Asset Advisors Type of entit
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Inversiones Seguros Security Ltda A
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Seguros Vida Security Previsión S.
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Compañía de Seguros Generales Pen
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Servicios Security S.A. AND SUBSIDI
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Corredores de Seguros Security Ltda
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Europ Assistance Chile s.A. Type of
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Cooper Gay Chile S.A. Corredores de
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Inmobiliaria Security S.A. AND SUBS
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INVERSIONES INVEST SECURITY LTDA. A
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Travel Security S.A. AND SUBSIDIARI
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Global Security Gestión y Servicio
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Mandatos Security Ltda. Type of ent
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GROUP OWNERSHIP STRUCTURE The follo
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D E C L A R A T I O N O F R E S P O
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ADDRESSES OF COMPANIES OF GRUPO SEC
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Santa Elena Branch Santa Elena 2400
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Santiago Nueva York 33, Office 1402
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“THIS PAPER COMES FROM FORESTS MA
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PA - Banco Security

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